It’s just for the comparatively older crowd. It’s primarily — if not exclusively — applicable only to truly wealthy families. Yes, we’ve got kids, but not much of a personal stash, so there really doesn’t seem much of a point to it.
“It” refers to estate planning, with the above paragraph containing just a few representative reasons — among many others — expressed by individuals and families as to why focusing upon and ultimately following through on a well-considered plan is a low priority.
It shouldn’t be, and for myriad compelling reasons.
Here’s one. Although a sound estate plan is of course relevant to the distribution of assets to heirs, key documents can additionally address important considerations other than transfer-of-wealth concerns.
Like kids, for example. As a recent article on planning points out, “there’s no telling what might happen to your minor children once you’re no longer around.”
That can be a significant concern, right?
And it can be alleviated through a will setting forth specifics regarding a guardian.
And estate documents can accomplish far more than that. They can set forth detailed health-related expectations. They can set forth terms and conditions relevant to asset conveyances. They can help protect estate holdings from costly tax burdens, help a family maintain much-valued privacy, ensure that charitable goals are realized and promote family legacies in enumerated ways.
It is certainly unsurprising to see — as noted in a chart appearing in the above-cited article — that increasingly more Americans engage in estate planning as they reach a more advanced age.
That fact, though, does not belie the strong need that younger generations also have to think purposefully about key family- and financial-related matters and to safeguard what is most important in life.